Anti-Money Laundering - Guide for Property Professionals

Overview

The buying and selling of property in the UK is identified by law enforcement agencies as a favoured method of money laundering. Transparency International has identified the financial crime risks associated with property investment in their March 2015 report: Corruption on your doorstep: How corrupt capital is used to buy property in the UK. To tackle this, The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 were laid before Parliament on 23 June, and subsequently came into effect on 26 June 2017.

During the next eighteen months the rules governing anti-money laundering will be updated. Property professionals need to be aware of the issues, the requirements and where necessary undertake a risk assessment of their work. Policies and procedures may need updating and you’ll be required to ensure that your approach to financial crime prevention meets the legal requirements.

During this class, you will identify the upcoming changes to AML practice and how this will impact you in your role. Gain an understanding of the requirements set against you, how you can best prepare and how to avoid risks posed to your firm.